Wednesday 14 February 2018

Woodside Petroleum has recorded a full-year reported net profit after tax (NPAT) of $1,024 million. Production was 84.4 MMboe and sales revenue was $3.62 billion.

The directors have declared a final dividend of US 49 cents per share (cps), bringing the full-year dividend to US 98 cps.

Woodside CEO Peter Coleman said that 2017 had been a good year for the company, with strong financial results and progress on projects and activities across each of the three time horizons that underpin Woodside’s strategy.

Woodside also advises that it has entered into a binding Sale and Purchase Agreement (SPA) to acquire ExxonMobil’s share of the Scarborough gas field located in the Carnarvon Basin, offshore Western Australia.

Under the terms of the SPA, Woodside will acquire from ExxonMobil an additional 50% interest in WA-1-R which contains the majority of the Scarborough gas field. Upon completion of the transaction Woodside will have a 75% interest in WA-1-R and a 50% interest in WA-61-R, WA-62-R and WA-63-R. Completion is subject to pre-emption rights and customary regulatory approvals, and is targeted by end Q1 2018.

Peter Coleman said the Scarborough acquisition delivered greater alignment, control and certainty for the project while also unlocking shareholder value.